Recent and emerging developments in networking protocols and technologies offer unprecedented flexibility, variety, and richness in device interconnectivity and communications for home and commercial enterprises. Devices such as computers, televisions, tools, appliances, water/power/electrical meters can now connect seamlessly to allow data sharing and communication among the devices in both home and business environments and in public settings.
One such technology that allows interconnectivity and communication of devices is Universal Plug and Play (UPnP). UPnP comprises network architecture and protocols for pervasive peer-to-peer network connectivity of devices, such as intelligent appliances, tools, security and fire systems, wireless devices, and other electronic devices. UPnP brings easy-to-use, flexible, standards-based connectivity to ad-hoc or unmanaged networks in various kinds of settings, such as in the home, in a small business, and in public spaces. It is a distributed, open networking architecture that leverages TCP/IP and various web-based technologies and network protocols to enable seamless proximity networking, allowing efficient and real-time data management and communication among networked devices.
Underwriting is the process of determining insurability and premium levels that will economically and profitably transfer risk from a policyholder to an insurance company. In determining insurability and premium, insurance carriers take into account such factors as profit goals, competition, legal restrictions and the costs associated with losses (claims costs), loss adjustment expenses (claim settlements), operational expenses (commission and brokerage fees), general administrative expenses, and the cost of capital. Though UPnP is currently used to inter-connect media devices in a home for home entertainment, capabilities offered by UPnP and/or other technologies for interconnectivity and communication of networked devices are not currently being used by the insurance industry for insurance underwriting or performing other insurance related analysis and activities. Instead, current underwriting practices for residential and commercial buildings are generally based on crude historical data rather than real-time data about the insured property and its assets.
Accordingly, there exists a need for leveraging intelligent networking technologies for obtaining data from IP-addressable devices located at an insured property to determine an insurance policy, identify and mitigate a potential insurance risk, and process claims associated with an insurance loss.